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FIRS Generated N10.1trn Revenue In 2022, ‘Agency’s Highest Record In History’

FIRS Generated N10.1trn Revenue In 2022, ‘Agency’s Highest Record In History’
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The Federal Inland Revenue Service (FIRS) says it generated over N10 trillion as tax revenue in the year 2022.

Johannes Oluwatobi Wojuola, special assistant on media and communication to the chairman of FIRS, said this in a statement on Monday.

Wojuola said the figure is the highest tax collection ever recorded in the agency’s history.

He added that the agency achieved over 96 percent of its collection target for the year.

Giving a breakdown of the N10.1 trillion generated, Wojuola said non-oil taxes contributed 59 percent of the total collection in the year, while oil tax collection stood at 41 percent of total collection.

“The FIRS, in the year 2022 collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion,” the statement reads.

“Companies income tax contributed N2.83 trillion, value-added tax N2.51 trillion, electronic money transfer levy N125.67 billion, and earmarked taxes N353.69 billion.”

Citing the FIRS 2022 performance update report, Wojuola said a sum of N146.27 billion is included in the total revenue figure.

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He explained that the sum (N146.27 billion) is the total value of certificates issued by the service to private investors and NNPC under the road infrastructure development refurbishment investment tax credit scheme, created by executive order No. 007 of 2019.

The special assistant also noted that the N10.1 trillion is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1.8 trillion.

Commenting on the revenue inflow, Muhammad Nami, executive chairman of the FIRS, was quoted as saying the feat was made possible through “dogged implementation of strategic reforms over the past two years; a renewed commitment by officers of the service, accompanied with a boosted morale; as well as the innovative deployment of technology for automation of both tax administration and operational processes”.

“This collection was possible through collaboration with our stakeholders, from our colleagues at the executive branch of government, to the members of the judiciary, to our brothers and sisters at the national assembly, as well as the tax advisory committee, professional bodies, unions, and most crucially our taxpayers,” he said.

Image courtesy of Akinshola Lucky Akintelure - ApplesBite International Magazine
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Akinshola Akintelure is a Content Writer, a tech savvy and Social Media Manager.

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